Australia and New Zealand Bank Victims

Australia’s big banks are nearing a deal that could trigger more than $100 million in penalties — the nation’s biggest corporate payout — after ANZ yesterday admitted wrongdoing to settle landmark legal action over the rigging of interest rates to inflate profits.

ANZ has reached a last-minute settlement with the corporate watchdog ASIC, just as the Federal Court trial was about to begin this morning.

A cabal of international banks including ANZ Bank and Macquarie have applied to dismiss a class action against them in the US for the alleged rigging of the Singapore intra-bank interest rates on the grounds they are incorporated abroad.